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8 Shortcuts to get New Product Ideas
By
Rich Adz
Any businesses,
whether they are located in a First World or Third World Internet
country, must continuously strived to find new product ideas, either
for improving their existing products/services, or to find a new
niche. The following are some brief shortcuts to get new product
ideas:
-
Solve an
existing problem for people - There are thousands of
problems in the world. Create a product that can provide a
solution to one of those problems. Find out related problems to
the existing products/services that you are selling. This could
be your next profitable niche. There are many ways you can do
this but a less time consuming way is to look through the
Newsgroup. I usually utilize the Google Newgroup as it has
excellent search capability and can sort by date. Easily find
out what is the latest problems people have related to your
product/service.
-
Find out
what's the current hot trend - You can find out what are the
newest trends by simply watching T.V., reading magazines and
surfing the net. Three places I always visit to get an update
are eBay, Amazon and of course, Google Newsgroup. Just create a
product that's related to the current hot trend.
-
Improve or
create a new niche for an existing product - At most time,
you don't have to reinvent the wheel. You see products at home,
in advertisements, at stores, etc. Just take a product that is
already out there in the market and improve it. The same thing
applies to services. You can set yourself apart from your
competition by creating a niche. Your product could be faster,
bigger, smaller, or quicker than you competitor's product. The
easiest to improve is without a doubt, information product such
as ebook, software, etc. The Google Adwords/Adsense and related
ebooks and software is a good example.
-
Add on to an
existing product or combine other products together to create a
new one - You could package your current product with other
related products. For example, you could package a football with
a team jersey and football cards. Another example is to combine
your products/services and sell them as a 2-in-1 or 3-in-1
package, which will appear to be a new product on its own.
-
Reincarnate/recycle an older product - Maybe you have a book
that is out of print and is no longer being sold. You could
change the title, design a new front cover, and bring some of
the old content up to date. This technique is also the current
trend for many marketers as far as using other people's books as
a recycled product. For example, there are many old books whose
copyrights and/or reprint rights have expired. Marketers simply
digitalized these books into ebooks and sell them for a hefty
profit.
-
Repackage
your existing product for a new market - For example,
if you
are selling plastic bottles mostly to a soda company, you could
turn around and sell those bottles to a fruit drink company. All
you need to do is repackage your marketing strategy while your
product remain unchanged.
-
Ask your
current customers - This is more for an established web
business. Just contact some of your existing customers by phone
or e-mail and ask them what kind of new products they would like
to see on the market.
-
Survey your
web site visitors - For the more popular website, you could
easily post a survey or questionnaire on your web site to ask
visitors what kind of products they would like to see on the
market. You can get a good survey sample size and analyze the
result in less than a week.
In addition to the
eight shortcuts above, you may want to take a look at this
article for more related ideas.
Rich Adz is a part time entrepreneur
and content writer, who runs several
online and offline
businesses such as richADZ, a site that offers information
on how to build successful
businesses on a part time basis. Rich is also
the founder of
e-borneo.com,
the leading Borneo travel site on the Net.
Copyright © richADZ.com
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